Today, crypto firm Circle announced its goal of achieving a valuation of up to $7.2 billion on a fully diluted basis in its expanded initial public offering in the U.S. The company cited growing momentum in the stablecoin market as the reason for raising its initial valuation.
Circle initially announced its intended IPO value at $624 million. However, the New York-based stablecoin issuer now expects some existing investors to raise up to $896 million from 32 million shares priced between $27 and $28 each. This represents an increase from their earlier offer of 24 million shares priced between $24 and $26.
According to the company press release, “Circle is offering 9,600,000 shares of Class A common stock and the selling stockholders are offering 14,400,000 shares of Class A common stock.”
Jeremy Allaire, CEO of Circle and a co-founder since 2013, is selling approximately 8% of his shares, valued at 1.58 million shares. Additionally, co-founder and former co-CEO Sean Neville and finance chief Jeremy Fox-Geen plan to sell about 11% of their stakes.
“Going public now is representative of the fact that we are at a significant crossroads for Circle and the development of the internet financial system,” Allaire wrote in the filing. “While we are proud and confident about our ability to pursue this opportunity, our future (like our past) is rife with uncertainties and risks that we must navigate successfully.”
Circle is set to go public later this week under the ticker CRCL.
By CEO NA Editorial Staff
